ONGC approves parent guarantee of $500 million for MRPL to import crude from Saudi Aramco
ONGC has approved a $500 million parent company guarantee for its subsidiary, Mangalore Refinery and Petrochemicals Ltd (MRPL). This guarantee facilitates MRPL's crude oil imports from Saudi Aramco for the next two years.
Why it matters
This financial arrangement secures critical energy supply lines for the refinery, ensuring operational continuity in the energy sector.
State-owned Oil and Natural Gas Corp (ONGC) informed on Tuesday (July 28) that it approved a $500-million parent company guarantee (PCG) in favour of Saudi Aramco, on behalf of subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL), enabling them to import crude oil from Saudi Aramco.
“The board of directors, at its meeting held today has inter-alia approved the proposal to provide parent company guarantee (PCG) of $500 million in favour of Saudi Arabian Oil Company (Saudi Aramco) for the period 01.09.2026 to 31.08.2028 on behalf of (MRPL), to enable MRPL to import crude oil from Saudi Aramco,” it told bourses in an exchange filing.
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